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China Briefings

Reports on China issued by Samsung Economic Research Institute

China Business Intelligence No. 16

China Business Intelligence No. 16

Samsung Economic Research Institute Beijing Office

Jan. 19, 2007

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Highlights

I. US-China Strategic Dialogue Seeks Medium- to Long-Term Framework

  • The first round of the "strategic dialogue" between China and the US concluded on Dec. 15 in Beijing. Although the first round resulted in several agreements on technical issues, there was no announcement on more long-term issues such as the RMB, IPR protection and China's trade surplus.
  • The strategic dialogue's real value will not be found in short-term agreements, but in establishing a high-ranking government mechanism where both sides can communicate about sensitive political issues. This type of framework can only be built up over the medium to long term. The next rounds of discussion will take place May 2007 in Washington D.C.

II. Korea-China Economic Relations: Five Years after WTO Accession

  • China marked the fifth anniversary of its admission into the World Trade Organization (WTO) on Dec. 11, 2006. China's entry into the WTO has produced innumerable economic benefits. From 2001 to 2005, China's annual GDP averaged 9.5% to become the world's 4 th largest economy ($2.25 tril GDP).
  • Korea's reliance on Chinese exports and imports has increased since China's entry into the WTO. Korea's export reliance on China stood at 12.09% in 2001, a slight increase from 9.97% in 1997. However, the growth pace accelerated after China's WTO admission. Korea's export reliance on China shot up to 21.77% in 2005, up 9.68 percentage points from 2001. Korea's import reliance on China also rose from 9.43% in 2001 to 14.8% in 2005.
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